Sterling Bank Plc has called for reform of the energy sector at the fourth Nigeria Energy Forum themed Upscaling Clean Energy for Sustainable Development supported by the lender.
The project is part of its commitment to the Heart of Sterling Initiative to invest in five key sectors of the Nigerian economy namely Health, Education, Agriculture, Renewable Energy and Transportation.
Speaking as a panelist at the event, Adesola Alli, Head of Renewable Energy Unit at Sterling Bank, noted that global industry overview of renewable energy which stood at $1.4 trillion is expected to grow to a projected value of $2.5 trillion by 2025. She added that about $531 billion investment in energy supply and technology is required yearly between now and 2050.
She listed some of the industry’s major challenges as supply and demand gap, access to finance and inadequate investment as well as trust and product standardisation.
Alli said there is a need to create conditions for investment through policy and institutional reforms as well as to develop plans and targets for renewable energy while also ensuring that laws supporting investment in low-carbon energy are enacted.